In a speech at the REO and Vacant Property Strategies for Neighborhood Stabilization Summit, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed the weak housing market in her region and some of the ideas that have emerged from the Bank's research and outreach efforts...

In a speech at the REO and Vacant Property Strategies for Neighborhood Stabilization Summit, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed the weak housing market in her region and some of the ideas that have emerged from the Bank's research and outreach efforts...

A quantile regression model is used to identify the main neighborhood characteristics associated with high foreclosure rates in weak market neighborhoods, specifically for two counties in Ohio and one in Pennsylvania. A decomposition technique by Machado and Mata (2005) allows separating...

Mortgage companies (MCs) originated about 60% of all mortgages before the 2007 crisis and continue to hold a 30% market share postcrisis. While financial regulations are strictly enforced for depository institutions (banks), they are weakly enforced for MCs even if they are subsidiaries of a...

This paper shows that mortgage lenders with a physical branch near the property being financed have better information about home-price fundamentals than nonlocal lenders. During the real estate run-up from 2002-06, home price growth negatively correlates with the share of loans made by local...

This paper debunks the common perception that “foreclosure will ruin your credit score.” Using individual-level data from a credit bureau matched with loan-level mortgage data, it is estimated that the very first missed mortgage payment leads to the biggest reduction in credit scores. The...

Mortgage companies (MCs) originated about 60% of all mortgages before the 2007 crisis and continue to hold a 30% market share postcrisis. While financial regulations are strictly enforced for depository institutions (banks), they are weakly enforced for MCs even if they are subsidiaries of a...

Whether mortgages are originated mostly by depository institutions regulated by the Federal agencies or by less-regulated lenders does not seem to affect the foreclosure filing rate in Ohio’s counties. What seems to matter is whether the lenders have a physical presence in the market, in which...

Overall regional conditions such as employment, geography, and amenities, favor the co-movement of housing prices in central cities and their suburbs. Simultaneously, over half a century of sprawl may induce a negative relation between suburban and central city home prices, with central city...

In this empirical analysis, we estimate the impact of vacancy, neglect associated with property-tax delinquency, and foreclosures on the value of neighboring homes using parcel-level observations. Numerous studies have estimated the impact of foreclosures on neighboring properties, and these...